Introduction to Economics
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| show | the situation in which unlimited wants exceed the limited resources available to fulfill those wants.
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| show | the study of the choices people make to attain their goals, given their scarce resources.
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| Market | show 🗑
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| show | analysis that involves comparing marginal benefits and marginal costs.
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| show | the study of how households (families that live in houses) and firms (companies) make choices, how they interact in markets, and how the government attempts to influence their choices.
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| show | the study of the economy as a whole, including topics such as inflation, unemployment, and economic growth.
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| Economic Models | show 🗑
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| show | the highest-valued alternative that must be given up to engage in an activity.
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| show | the idea that because of scarcity, producing more of one good or service means producing less of another good or service.
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| show | What goods and services will be produced?
How will the goods and services be produced?
Who will receive the goods and services produced?
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| show | consumers have to do the best with what they have.
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| Constrained Optimisation: Consumers | show 🗑
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| show | maximize their utility (make themselves as happy / content as possible) based on their limited financial budget.
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| show | companies (also known as firms or businesses), want to maximize profits.
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| show | income from sales (also known as revenue), minus the costs of running the business.
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| Producers make decisions based on | show 🗑
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| show | a combination of land, labour and capital.
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| Productive efficiency | show 🗑
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| Allocative efficiency | show 🗑
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| Voluntary exchange | show 🗑
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| show | the fair distribution of economic benefits.
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| show | economic statements explain economic facts i.e. average income in the UAE is AED 26,000 per month.
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| Normative statements | show 🗑
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| Centrally planned economy | show 🗑
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| show | an economy in which the decisions of households and firms interacting in markets allocate economic resources. Only really exists in theory, however the USA comes close.
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| show | an economy in which most economic decisions result from the interaction of buyers and sellers in markets but in which the government plays a significant role in the allocation of resources.
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| show | person who sets up a business or businesses, taking on financial risks in the hope of profit.
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| Innovation | show 🗑
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| show | process used to produce goods or services.
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| Firm, company, or business | show 🗑
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| show | goods we can see, touch also called tangible goods.
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| show | activities done for others, services, also called intangible goods.
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| Revenue | show 🗑
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| show | word used to identify a consumer.
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| show | individual who buys products or services for personal use and not for manufacture or resale.
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| show | natural resources, i.e trees, ocean, fertile land, minerals, sunshine
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| Labour | show 🗑
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| Capital | show 🗑
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| Enterprise | show 🗑
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| Human Capital | show 🗑
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To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
carolynjm
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